Ahmedabad: The Gujarat high court on Monday granted a 20-day conditional bail to Vadodara-based controversial businessman Amit Bhatnagar, who has been accused of bank fraud of Rs 2654.40 crore. Bhatnagar is the Managing Director of Diamond Power Infrastructure Limited (DPIL) and his firm had fraudulently availed loans from a consortium of 11 banks from 2008.

Bhatnagar sought bail from the court urging that he needs to arrange money for his daughter studying in the United States. He said he needs to arrange Rs 33,03,825 ($49,000) for his daughter who is studying abroad and needs 20 days for it. During the bail period, Bhatnagar will be accompanied by policemen and would be under their constant watch.

The beleaguered businessman had moved high court after a CBI court had rejected his bail plea. He has constantly argued that his is a simple case of loan default and not financial fraud or cheating, as it is claimed by the CBI. It is being said that Bhatnagar had availed credit facilities from banks by projecting exaggerated income of his firm and even bank officials might have connived with him in this fraud.

Bhatnagar was on the run for a long time after the CBI had established his role in the alleged fraud and begun raiding his residences and offices. He was later arrested from Udaipur in Rajasthan along with his brother his father Suresh Bhatnagar, who is also a promoter of DPIL.